On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000, The amount of Accounts Receivable to be recorded on the date of purchase will be
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- 2. On April 5, 2020 Company A sell merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB Shipping point freight prepaid. Company A being the shipper paid the freight amounting to P2,000. On April 12, Company L paid in full the account amounting to P50,960. Company A notify Company L that the amount to be paid is not P50,960 but P51,000. Whose claim do you think is correct A or L? Explain1. FDN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P35,000, terms 2/10, n/30. Returned P900 of the shipment for credit. Paid P400 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases? 2. On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period? 3. FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of…On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021. A. How much is the freight paid the buyer? O P6,000 0 P5,880 O P960 O PO B. How much is the freight paid by the seller? O P6,000 O P5.880 O P960 O PO
- On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021. 1. How much is the cash discount on December 11, 2021? A. P1.080 B. P5,880 C. P960 D. POOn January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandurn for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will beFN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?
- A sales invoice included the following information: merchandise price, P5,000; freight, P900; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of P700 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller 4,257 4,300 5,157 4,950On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period?On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500
- On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000. Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will be (On August 1, 2019, XZY Corporation received subscription for 7,000 shares of Ordinary Share Capital, P 100 par value, at P 110 per share. Received 10% down payment and the balance payable in 3 equal installments. The entry to record the subscription default assuming 1,500 shares out of the 7,000 shares were unable to pay the last installment will includeTrading company Andin in September 2020, recorded the following transactions: Date Information September 2 Purchased merchandise from PT. Agung at a price of IDR 750,000, - terms payment of 2/10, n/ 30 Sold to a Sumba shop for merchandise at a price of Rp.650,000, - terms payment 2/10, n/ 30 No. Invoice 021. Sold in cash to a Toba shop for merchandise at a price of Rp.475,000 Invoice No. 013 was sent to the Melati shop on the sale of goods at IDR B00,000, - payment terms 1/10, n/ 60. - Received from Mawar shop in the amount of IDR September 5th September 6 September 8 350,000 9 September Purchased on credit from a Merapi shop, shop equipment for Rp. 125,000. Purchased from PD. Rinjani merchandise worth IDR 1,500,000, - terms of payment 2/10, n/ 60. Received from Sumba shop for invoice settlement on September 5, amounting to IDR 625,000 with 2% cash discount Purchased merchandise from Muria shop with 12 September September 14 15th of September payment terms 1/10, n/ 30 for IDR 900,000…On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On June 3, ABC Trading returned some defective merchandise worth P2,300 and on the same day, made a partial payment of P12,000. How much should be collected from ABC by FDN as full payment considering that payment is made within the discount period?